As many businesses experienced, 2020 was a departure from business-as-usual in so many ways. There were challenges, opportunities, and our industry overall changed.
Here are a few of the memorable experiences from the year Covid-19 dominated:
We Worked from Home
Given that FINSYNC’s cash flow management platform has always lived in the cloud and our clientele interacts with us via connected devices, we were lucky to not have to rethink client interactions as much as more brick-and-mortar oriented companies had to.
We already used video conferencing to help our business clients get to know the FINSYNC platform, so moving internal meetings to Zoom or Google Meet was not a totally foreign concept.
What we did find required some real creativity was hosting social and team-building activities without physical proximity. To give our team a chance to socialize, we came up with a number of activities:
- A trivia night where teams showed off their obscure knowledge.
- A virtual scavenger hunt that got team members running around their houses to find the best answers to the requested items.
- An ugly sweater creation party. Team members received a kit prior to this virtual event and competed to create the tackiest sweater.
Overall, we are happy with how we transitioned but also looking forward to in-person interactions with our team in 2021.
We Assisted with the Paycheck Protection Program (PPP)
Back in the Spring when Covid-19 was starting to ramp up on US shores and businesses were feeling severely disrupted, the first tranche of PPP loan money was approved for distribution by financial institutions with SBA backing.
Many financial institutions were accustomed to receiving business loan applications across desks and on paper, a process that would have been impossible with bank branches closed across the country.
Our team stepped up, working overtime to deliver a digital PPP loan application connected to our Lender Portal, a tool for bankers to receive, review, and process loans.
When the requirements became available, we also produced a fully digital PPP forgiveness application as well.
Throughout the process, we could see that the “Digital Transformation” trend that had already been underway for financial institutions seeking to provide more streamlined, paperless experiences simply accelerated. On the financial institution side, bankers were introduced to a new way of doing things (out of necessity) and became comfortable as well.
On the business side, owners were so appreciative of the funding and the smooth experience of requesting the loan and subsequent forgiveness. We are already seeing bankers seeking to digitize other aspects of their business client experience.
We Delved Further into Mobile
Much like the “Digital Transformation” trend in how financial institutions service their clients, small businesses have been increasingly utilizing mobile devices as part of their core business process.
While we already had a mobile time tracking experience for our payroll users, we launched our mobile payments experience.
Key capabilities include:
- Generate e-invoices
- Generate e-bills
- Allow clients and vendors to make payments by charge card, ACH, and check
- See the status of all payment transactions
While some users received access during 2020, all users will have access to FINSYNC’s mobile payments in early 2021.
What does 2021 have in store? We only see digitization and work from home culture growing as businesses have adjusted to the new normal. If you haven’t already, consider how your business can leverage these trends to streamline and provide the best possible customer experience.